Cairo – Mubasher: Talaat Moustafa Group Holding’s (TMG Holding) board decided to raise the company's sales budget for 2017 by EGP 2 billion after achieving positive financial results for the first half of 2017, according to a bourse filing on Monday.

The sales budget of the company will be increased from EGP 9.4 billion to EGP 11.4 billion, TMG Holding said.

The Egyptian firm achieved profits of EGP 696.5 million in the six months ended June 2017, from EGP 432.13 million in the corresponding period of 2016, taking minority rights into consideration.

Similarly, revenues increased to EGP 3.2 billion in H1-17 from EGP 2.9 billion in H1-16.

By 10:21 am Cairo time, TMG Holding’s stock went up 0.53% to EGP 7.62.